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  1. #1

    Default Property manager v manage yourself

    Hello all,

    I am new to property investing. Recently bought a property in Kapiti and I myself live in Wellington.

    Could you please share your thoughts and experience in "managing property yourself v property manager".

    I am inclined to having a property manager. In that case, I would like you to recommend a property manager in Kapiti if you know.

    Many thanks & keep warm!

  2. #2
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,636

    Default

    Welcome to the Property Talk Forums.

    Best of luck. Good PMs are a scarce commodity.

    There are quite a few threads on the pros and cons of self-management versus a PM.

    The personality psyche of the investor is a critical factor.

    If loosing your cool easily is part of your character - get a PM.

    If you're a (so-called) civil servant, used to being top dog and having everyone at your beck and call - definitely get a PM.

    If "winging it," rather than knowing and sticking by the RTA is your forte - get a PM.

    If trusting tenants and hoping that it will all go well is in your mind - get a PM.

    If you don't conform to any of those notions and have a good, detailed and thorough business mindset, plus the time needed to do the job correctly, you should give residential-property-investment-self-management a try.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  3. #3
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,636

    Default

    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  4. #4

    Default

    Start with a PM - find someone you can learn from... Leverage their knowledge to avoid costly mistakes.

    If you're hands on you can have the PM manage the tenant relationship and you can manage the repairs and maintenance...

    A PM will cost you up to 10% of rent but if roughly 5 week of the years rent - if you get your tenant selection wrong you could lose much more than that in unpaid rent - Check out the rent arrears thread started by FH

  5. #5

    Default Thank you

    Thank you so much for giving me a good advice. I have found a PM and hopefully everything goes well

  6. #6
    Join Date
    Aug 2014
    Posts
    262

    Default

    I recently handed over to a PM and hopefully by coincidence, everything has turned to crap since I put them in charge, although they seem to be managing it ok even if rather slowly-it just sucks if you like to be in control of things to have someone else controlling your biggest asset...can take a bit of humility to just let them do their job...

  7. #7
    Join Date
    Apr 2016
    Posts
    2,343

    Default

    I have recently been helping some self managers with problems transition to managers. you have to try and find a good one but unless you have the correct left brained/german shepherd DNA always use a manager.

  8. #8
    Join Date
    Aug 2014
    Posts
    262

    Default

    Left brained German shepherd DNA?

  9. #9
    Join Date
    Apr 2016
    Posts
    2,343

    Default

    Yes you have to be analytical, understand all the laws and what you can and can't do etc., and have to have the temerity of a german shepherd to put up with all the !^#$&#^%.

  10. #10
    Join Date
    Mar 2010
    Location
    Lower Hutt
    Posts
    388

    Default

    Hi Cesami

    If your hard nose and willing to be diligent with three monthly thorough property inspections, regular rent reviews, have an eye for detail for selecting qualified tenants, standing your ground at the exit inspection if the property wasn't handed over in an acceptable condition then do it yourself.

    I've heard Jade are fairly decent....

    F
    Fraser Wilkinson
    www.managemyrental.co.nz
    Wellington / Lower Hutt / Upper Hutt / Porirua


 

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